Visa Fiscal First Quarter 2025 Financial Results

SAN FRANCISCO--(BUSINESS WIRE)-- Visa (NYSE: V) today announced its fiscal first quarter 2025 financial results through an earnings release that will be furnished with the Securities and Exchange Commission on a Form 8-K and available on its Investor Relations website at investor.visa.com/financial-information/quarterly-earnings/default.aspx.

Visa will host a live audio webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. The webcast and all related materials can also be accessed through Visa’s Investor Relations website at investor.visa.com.

Visa Reports Fiscal Fourth Quarter and Full-Year 2024 Results

San Francisco, CA, October 29, 2024 – Visa (NYSE: V)

Fiscal Fourth Quarter Results:

• GAAP net income of $5.3B or $2.65 per share and non-GAAP net income of $5.4B or $2.71 per share
• Net revenue of $9.6B, an increase of 12% on a nominal and constant-dollar basis

Fiscal Full-Year Results:

• GAAP net income of $19.7B or $9.73 per share and non-GAAP net income of $20.4B or $10.05 per share
• Net revenue of $35.9B, an increase of 10% on a nominal and constant-dollar basis

Other Highlights:

• Fiscal fourth quarter growth in payments volume, cross-border volume and processed transactions remained relatively stable
• Share repurchases and dividends of $6.8B and $20.9B for fiscal fourth quarter and full-year, respectively
• The board of directors increased Visa's quarterly cash dividend 13% to $0.590 per share

Fiscal Fourth Quarter 2024 — Financial Highlights

GAAP net income in the fiscal fourth quarter was $5.3 billion or $2.65 per share, an increase of 14% and 17%, respectively, over prior year’s results. Current year's results included $46 million of net losses from equity investments and $76 million from the amortization of acquired intangible assets and acquisition-related costs. Prior year’s results included a special item of $109 million for a litigation provision associated with the interchange multidistrict litigation ("MDL") case, $7 million of net gains from equity investments and $67 million from the amortization of acquired intangible assets and acquisition-related costs. Excluding these items and related tax impacts, non-GAAP net income for the quarter was $5.4 billion or $2.71 per share, increases of 13% and 16%, respectively, over prior year’s results (refer to Non-GAAP Financial Measures for further details).

GAAP earnings per share growth was approximately 18% on a constant-dollar basis, which excludes the impact of foreign currency fluctuations against the U.S. dollar. Non-GAAP earnings per share growth was approximately 17% on a constant-dollar basis. All references to earnings per share assume fully diluted class A share count.

Net revenue in the fiscal fourth quarter was $9.6 billion, an increase of 12%, driven by the year-over-year growth in:

• Payments volume
• Cross-border volume
• Processed transactions

Net revenue increased 12% on a constant-dollar basis.

• Payments volume for the three months ended June 30, 2024, increased 7% over the prior year on a constant-dollar basis.
• Payments volume for the three months ended September 30, 2024, increased 8% over the prior year on a constant-dollar basis.
• Cross-border volume excluding transactions within Europe increased 13% on a constant-dollar basis.
• Total cross-border volume increased 13% in the quarter.
• Total processed transactions were 61.5 billion, a 10% increase over the prior year.

Revenue Breakdown:

• Service revenue: $4.2 billion (+8%)
• Data processing revenue: $4.6 billion (+8%)
• International transaction revenue: $3.5 billion (+9%)
• Other revenue: $969 million (+30%)
• Client incentives: $3.6 billion (+6%)

Operating Expenses:

• GAAP operating expenses were $3.3 billion (+7%), driven by marketing and personnel expenses, partially offset by litigation provision decreases.
• GAAP non-operating income was $23 million, including $46 million of net equity investment losses.
• Non-GAAP non-operating income was $69 million.

GAAP and non-GAAP effective income tax rate was 16.5% for the quarter. GAAP and non-GAAP tax rates had a tax benefit due to an update in our tax position across jurisdictions.

Cash, cash equivalents and investment securities were $17.7 billion at September 30, 2024.

Full-Year Fiscal 2024 Financial Highlights

GAAP net income for fiscal full-year 2024 was $19.7 billion or $9.73 per share, an increase of 14% and 17%, respectively, over the prior year. Current year's results included:

• $434 million for a litigation provision related to the MDL case and other legal matters
• $118 million related to the release of indirect tax reserve
• $67 million related to donation of investment securities to Visa Foundation
• $57 million for lease consolidation costs
• $94 million of net losses from equity investments
• $282 million from the amortization of acquired intangible assets and acquisition-related costs

Excluding these items, non-GAAP net income for the year was $20.4 billion or $10.05 per share, increases of 12% and 15%, respectively.

GAAP earnings per share growth was approximately 18% on a constant-dollar basis. Non-GAAP earnings per share growth was approximately 15% on a constant-dollar basis.

Net revenue for fiscal full-year 2024 was $35.9 billion, an increase of 10%, driven by the year-over-year growth in:

• Payments volume (+8%)
• Cross-border volume excluding Europe (+15%)
• Total cross-border volume (+15%)
• Total processed transactions: 233.8 billion (+10%)

Revenue Breakdown:

• Service revenue: $16.1 billion (+9%)
• Data processing revenue: $17.7 billion (+11%)
• International transaction revenue: $12.7 billion (+9%)
• Other revenue: $3.2 billion (+29%)
• Client incentives: $13.8 billion (+12%)

Operating Expenses:

• GAAP operating expenses were $12.3 billion (+6%), driven by personnel, administrative, and marketing expenses.
• GAAP non-operating income was $321 million, including $94 million of net equity investment losses.
• Non-GAAP non-operating income was $415 million.

GAAP effective income tax rate was 17.4% for fiscal full-year 2024. Non-GAAP effective income tax rate was 17.6%.

The weighted-average number of diluted shares of class A common stock outstanding was 2.03 billion for fiscal year ended September 30, 2024.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250130883800/en/

Investor Relations: Jennifer Como, 650-432-7644, InvestorRelations@visa.com

Media Relations: Fletcher Cook, 650-432-2990, Press@visa.com

Source: Visa Inc.